ACV Auctions (NYSE:ACVA) Sees Unusually-High Trading Volume - Here's Why

Key Points

• ACV Auctions trading volume surged 168% to approximately 11.23 million shares, while the stock was nearly unchanged at $10.425.
• Analyst sentiment is mixed: Stephens upgraded the stock to “overweight,” while Barclays, Barrington Research and Bank of America maintained bearish views. The consensus rating remains “Hold,” with an average price target of $9.70.
• Institutional investors and hedge funds own 88.55% of ACV Auctions, with several firms recently increasing their positions.

ACV Auctions Inc. (NYSE:ACVA - Get Free Report) saw unusually-strong trading volume on Monday . Approximately 11,229,281 shares traded hands during mid-day trading, an increase of 168% from the previous session's volume of 4,190,566 shares.The stock last traded at $10.4250 and had previously closed at $10.41.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Stephens upgraded ACV Auctions from an "equal weight" rating to an "overweight" rating and set a $10.50 target price on the stock in a report on Tuesday, August 11th. Weiss Ratings raised ACV Auctions from a "sell (e+)" rating to a "sell (d-)" rating in a report on Wednesday, August 5th. Barrington Research lowered ACV Auctions from an "outperform" rating to a "strong sell" rating in a research note on Friday. Barclays cut ACV Auctions from an "equal weight" rating to an "underweight" rating and set a $8.00 price objective for the company. in a research report on Tuesday, August 11th. Finally, Bank of America reissued an "underperform" rating on shares of ACV Auctions in a research note on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have assigned a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $9.70.

ACV Auctions Stock Performance

The stock's 50-day moving average is $7.49 and its 200-day moving average is $6.19. The stock has a market cap of $1.77 billion, a price-to-earnings ratio of -28.96 and a beta of 1.84. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.52 and a quick ratio of 1.52.

Institutional Investors Weigh In On ACV Auctions

Hedge funds have recently made changes to their positions in the business. Versant Capital Management Inc raised its position in shares of ACV Auctions by 28.8% during the 2nd quarter. Versant Capital Management Inc now owns 6,187 shares of the company's stock worth $44,000 after purchasing an additional 1,382 shares during the period. State of Wisconsin Investment Board lifted its holdings in shares of ACV Auctions by 3.1% in the 4th quarter. State of Wisconsin Investment Board now owns 55,897 shares of the company's stock worth $448,000 after purchasing an additional 1,692 shares during the last quarter. ProShare Advisors LLC boosted its position in ACV Auctions by 6.9% during the 4th quarter. ProShare Advisors LLC now owns 30,706 shares of the company's stock valued at $246,000 after purchasing an additional 1,982 shares during the period. Hsbc Holdings PLC boosted its position in ACV Auctions by 13.6% during the 2nd quarter. Hsbc Holdings PLC now owns 19,508 shares of the company's stock valued at $318,000 after purchasing an additional 2,342 shares during the period. Finally, California State Teachers Retirement System grew its stake in ACV Auctions by 1.8% during the 2nd quarter. California State Teachers Retirement System now owns 141,512 shares of the company's stock worth $2,295,000 after buying an additional 2,467 shares during the last quarter. Institutional investors and hedge funds own 88.55% of the company's stock.

ACV Auctions Company Profile

ACV Auctions Inc NYSE: ACVA operates a digital marketplace for wholesale vehicle transactions. Its platform connects automotive dealers with sellers, including franchised and independent dealerships, commercial partners and other participants in the wholesale vehicle market, enabling vehicles to be bought and sold through online auctions.

The company provides services designed to support the wholesale transaction process, including vehicle inspections and condition reports, digital auction tools, transportation and logistics coordination, and post-sale protection and arbitration services.

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